The share of all-cash home buyers has decreased over the past few years, reports USA Today. This trend is partly due to the falling mortgage rates and partly due to the end of bidding wars. On top of that, investors have become more cautious about their purchases.
Selling a house for cash isn’t as easy as it used to be, but this doesn’t mean you should give up. If you manage to find a cash buyer, you’ll not only sell faster but also file less paperwork.
Interested to find out more? Here are five reasons to sell a house for cash today!
1. Fewer Sales Fall Through
A typical home sale requires taking out a mortgage to pay for the property that is being sold.
When buyers apply for a mortgage, the bank evaluates their income, credit score, and other factors affecting their creditworthiness. This process takes 30 to 60 days on average.
Potential buyers can change their minds about purchasing your home by the time they get approved for a mortgage. Even if they want to buy it, they may not qualify for a loan.
Selling a house for cash eliminates these issues. The entire process takes as little as one to three weeks.
2. Keep More Money in Your Pocket
In 2020, nearly 90% of buyers purchased their homes through real estate agents or brokers. These professionals earn a commission per sale.
When you sell a house for cash, there’s no need to deal with real estate agents or brokers. This aspect alone could save you thousands of dollars in real estate commissions.
3. Sell Without the Hassle
If you’re considering selling a house as is, it may take longer to find a buyer. But you can speed things up by accepting cash offers.
Google “sell my house fast,” and you’ll see that cash buyers often do all the fixing up themselves. They don’t expect you to repair or renovate the property before handing over the keys.
All-cash buyers are typically investors looking to buy properties they can fix and flip. Therefore, you don’t have to spend a fortune on costly repairs or home improvements.
4. Enjoy More Flexibility
Investors are often more flexible than traditional buyers. For example, if you sell your house to a family, they may want to move right away. That’s not the case with cash sales.
When you sell a property for cash, you have the freedom to move on your own terms. Depending on the buyer, you may be able to stay in your home for weeks after the closing. Just remember to discuss these aspects in advance.
5. No-Obligation Offers
Cash sales give you the flexibility to assess your options before making a decision.
If, say, you’re unsure about taking this step, you can list your house for sale to see what kind of offer you’ll get. In the meantime, research the average house prices in your area and use them for reference.
Selling a House for Cash Doesn’t Have to Be Difficult
Now that you know more about selling a house for cash, look for a buyer who meets your needs. List your house in local directories and Facebook groups. You can also register on real estate marketplaces.
Once you’ve found a potential buyer, let him know about the condition your house is in. If you get a good offer, discuss the terms of the sale and take the next steps.
Looking for other tips on selling a property, moving house, or increasing your home’s curb appeal? You’re in the right place. Browse the rest of our blog to find out more!